New York Attorney General Announces $2 Billion Settlement with Genesis Global

Monday, 20 May 2024, 18:03

New York's attorney general has reached a historic $2 billion settlement with Genesis Global, a bankrupt cryptocurrency lender, over allegations of defrauding investors. The settlement includes the establishment of a victims fund to compensate those affected by the fraud. Genesis, which filed for Chapter 11 bankruptcy, is returning approximately $3 billion in cash and cryptocurrency to its customers in a liquidation process.

https://store.livarava.com/40951491-1750-11ef-a6c6-63e1980711b2.jpg — New York Attorney General Announces $2 Billion Settlement with Genesis Global

New York's $2 Billion Settlement with Genesis Global

Letitia James announces victims fund for 'defrauded investors' in largest settlement the state has ever made with a crypto company.

Key Points:

Settlement: The $2 billion settlement addresses allegations of fraud against Genesis Global.
Victims Fund: A fund is established to compensate those affected by the fraud.
Bankruptcy and Liquidation: Genesis filed for Chapter 11 bankruptcy and is returning approximately $3 billion to customers.

New York's attorney general has secured a significant settlement with the cryptocurrency lender Genesis Global, marking a crucial step in providing restitution for defrauded investors.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.